Bill Summary: A02955 - New York Renewable Energy Development and Jobs Act of 2017

• Requires retail electric suppliers to annually procure Renewable Energy Credits (RECs) at increasing percentages of total electric sales, starting at 0.05% in 2019 and reaching 0.85% by 2032, with extension beyond 2032 if New York has not achieved 35% renewable energy by 2034.

• Mandates at least 25% of annual REC obligations be met through small distributed renewable energy systems (100 kilowatts or less), with commission review in year three to allow waivers if suppliers cannot reasonably meet this requirement.

• Establishes automated REC tracking system through New York State Energy Research and Development Authority to certify, issue, and track renewable energy credits with electronic identification numbers.

• Allows retail electric suppliers unable to meet REC obligations to make alternative compliance payments to the commission at rates set to stimulate renewable energy development, with collected funds directed to renewable programs administered by NYSERDA.

• Applies to the New York Power Authority and Long Island Power Authority with similar requirements starting at 0.25% in 2019 and reaching 4.50% by 2032, permitting 20% of their procured RECs to count toward Renewable Portfolio Standard requirements.